Registered number
00700165
Portwood Ward Labour Party (Holdings) Limited
Unaudited Filleted Accounts
30 June 2023
Portwood Ward Labour Party (Holdings) Limited
Registered number: 00700165
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 2 142,424 142,424
Current assets
Cash at bank and in hand 1,571 1,571
Net current assets 1,571 1,571
Total assets less current liabilities 143,995 143,995
Creditors: amounts falling due after more than one year 3 (142,566) (142,566)
Net assets 1,429 1,429
Capital and reserves
Profit and loss account 5 1,429 1,429
Shareholders' funds 1,429 1,429
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Murphy
Director
Approved by the board on 08/03/2024
Portwood Ward Labour Party (Holdings) Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Fixed asset investment and depreciation
The property is an investment property being the club building in which Brinnington Ward Labour Club trades. The requirements of the Financial Reporting Standards require depreciation is no longer chargeable on properties held as investments at the current value. The Director's have previously taken informal valuations and now believe it would be difficult to achieve a net selling price at or above cost. These old informal valuations range from £120,000 to £150,000.
The board feel that in time the value of the property may rise to cost level and in view of the commitment from Brinnington Ward Labour Club, that it is inappropriate to write down the property value or to incur the expense of formal valuations. In the absence of a formal valuation the Fixed Assets have been included in the accounts at cost. No depreciation has been provided in these accounts and until an agreed external valuation is obtained the value for accounts pruposes is uncertain and has not been included in the accounts. In these respects the company has departed from accounting standards.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2022 142,424
At 30 June 2023 142,424
Depreciation
At 30 June 2023 -
Net book value
At 30 June 2023 142,424
At 30 June 2022 142,424
3 Creditors: amounts falling due after one year 2023 2022
£ £
Loans 142,566 142,566
The loan is from Brinnington Ward Labour Club - Related Party
The (notional) rent due in respect of the Club's use of the premises is waived and considered to be equal to any (notional) interest due on the loan. The committee of Brinnington Ward Labour Club have not given notice to call in any of the loan. If a repayment either in full or in part was required the company would need to raise money either by sale or loan.
4 Share capital
The company does ot have a share capital and is limited by guarantee.
5 Profit and loss account 2023 2022
£ £
At 30 June 2022 1,429 1,429
At 30 June 2023 1,429 1,429
6 Related paty transactions
There are no related party transactions other than those included in these notes and accounting policies above. There is no ultimate controlling party. The donation of £Nil (2022 £Nil) was received from Brinnington Ward Labour Club to enable the company to pay any costs. The club also pay annual return and accountancy fees for the company £450 p.a. plus VAT( 2022 £450 p.a.).
7 Average number of employees 2023 2022
Current year excl 5 unpaid Directors 0
Previous year excl 5 unpaid Directors 0
8 Other information
Portwood Ward Labour Party (Holdings) Limited is a private company limited by shares and incorporated in England. Its registered office is: Northumberland Road, Brinnington,Stockport Cheshire SK5 8EP.
Portwood Ward Labour Party (Holdings) Limited 00700165 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts April 2022 Mr C Murphy No description of principal activity 00700165 2021-07-01 2022-06-30 00700165 core:AfterOneYear 2022-06-30 00700165 core:RetainedEarningsAccumulatedLosses 2022-06-30 00700165 2022-07-01 2023-06-30 00700165 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 00700165 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 00700165 bus:Director40 2022-07-01 2023-06-30 00700165 1 2022-07-01 2023-06-30 00700165 2 2022-07-01 2023-06-30 00700165 countries:England 2022-07-01 2023-06-30 00700165 bus:FRS102 2022-07-01 2023-06-30 00700165 bus:FullAccounts 2022-07-01 2023-06-30 00700165 2023-06-30 00700165 core:AfterOneYear 2023-06-30 00700165 core:RetainedEarningsAccumulatedLosses 2023-06-30 00700165 core:LandBuildings 2023-06-30 00700165 2022-06-30 00700165 core:LandBuildings 2022-06-30 iso4217:GBP xbrli:pure